Cancelled Sales

Property Sales

Purpose

This procedure applies to all cases of cancelled sale.

Procedure

If a seller cancels a sale, it is important to understand how and why this happened. If it is possible to

rescue the sale and have it proceed, then the sales team must do this. In most cases, the Seller and

Buyer still want to sell and buy property. To provide quality service, the company must be able to respond to the cancellation and continue to help the clients sell or buy according to their needs

If there is no written contract, the seller generally informs the Sales Consultant verbally. If there is a

written contract, the Seller or the Seller’s Solicitor must notify the company in writing about the

cancellation. The Seller may cancel the sale by agreement with the Buyer or because the Buyer or Seller have not met conditions of an agreement or the sales contract.

Sales Consultant

Examines the situation and tries to find a way to rescue the sale so that it can go through
(If the sale can go through), tells the stakeholders
(If the sale cannot be rescued):
(If the Buyer has paid a deposit) Works out whether this is refundable (If the Buyer has defaulted, see ‘When the buyer defaults’)
(If the deposit is refundable) Asks the Manager to authorise the refund
Negotiates re-listing with the Seller, repeating the sales presentation and sales listing procedures as required
Updates the Sale Record and Checklist

Sales Manager

Authorises the refund of the deposit if required

Trust Account Administrator

Refunds the deposit if authorised